by Jerome a Paris
Sun Feb 17th, 2008 at 12:41:36 PM EST
Northern Rock to Be Nationalized
The U.K. Treasury has decided to nationalize troubled mortgage lender Northern Rock PLC in a surprise move that makes the government and British taxpayer the new owner of a financial institution that fell victim to the global credit crisis.
This is about six months too late, and will have as a consequence that the bailout is ultimately a lot more expensive, further reinforcing the notion that governments are not good at managing companies. Pathetic.